At the current churn rate, approximately 75% of companies listed on the S&P 500 today will be replaced in the next decade.1 The pace of change is accelerating. The future will be littered with underperforming companies that did not effectively evolve to meet it.
Today, we are continuing the discussion of executives that the Chief Innovation Officer needs to include in the coalition that guides the transformation of innovation capabilities, capacity and business results. The presidents of business units, or whoever has line accountability, within your corporate structure should be key allies in the transformation.
Successfully transforming the way a company delivers results from innovation is a complex undertaking that requires a coalition of executives. The Chief Innovation Officer needs allies. The chief financial officer should be a key ally. The office of the CFO might be the first one you should visit in your early effort at building commitment to the task.
I met with a former client last week to get caught up on life and his work in innovation. He leads the innovation and product development program office for a large, global life sciences corporation. The primary responsibilities of the group are management and execution of the portfolio management and program review processes, resource allocation, and innovation performance reporting.
Once upon a time a long time ago there was a young man that escaped his boyhood home and made a place for himself in the idyllic islands of Hawaii. He fell in love with the green mountains, white sands, blue waters, and one particular local gal. The two of them got married, had a houseful of kids, and made a rich life in a colder environment.